From what I've read, the problem with wet/dry filters is that they only do 1/2 the job and they do it too well. They break down waste into nitrate, but there is often no sufficiently matching system to break down the nitrate into nitrogen. Where a system using live rock and a skimmer would have the skimmer (hopefully) doing most of the work removing waste before it decomposes and then the live rock providing aerobic and anaerobic filtration necessary to do the complete conversion of waste -> nitrate -> nitrogen.
The abundantly efficient breakdown before the skimmer can do its thing causes a spike in nitrate which leads to algae blooms, dead invertebrates, and dead SPS corals.
Under the right conditions, the wet/dry might not be a nitrate farm, but odds are it's not doing that much in the system vs. the live rock and skimmer because if the wet/dry was carrying most of the bio load, there'd be nothing to do the nitrate -> nitrogen conversion.